India represents one of the largest market opportunities for payments totaling $ 1 trillion by 2023. The ongoing technology revolution combined with enabling regulatory policy framework and the Indian government’s strong push to digitalize the economy is fast transforming the country’s payments landscape. Currently, 800 million Indians have bank accounts, creating a ready market of consumers eager to partake new products and services.

Specifically, this includes omni-channel payment acceptance, transaction processing and smart reconciliation capabilities to manage the customer and merchant relationships across all transacting channels and through the payment lifecycle. Additionally, FSS assumes a single mantle of responsibility for complete back-office operations, enabling the bank to maintain operational efficiencies and optimize costs.

“We are proud to partner with the India Post Payments Bank to bring innovative digital payment products that would have a far-reaching impact on the growth of digital payments in the country and contribute to the government’s Digital India vision. As a technology company, FSS has a 27-year demonstrable track record of innovation and successful delivery of large-scale payment projects for Central regulators and leading banks globally. We are extremely committed to this prestigious nation building exercise with IPPB that will connect Bharat through digital payments,” said Nagaraj Mylandla, Chairman and MD – FSS.

“The aim of India Post Payments Bank is to build the most accessible, affordable and trusted bank for the common man and to spearhead the financial inclusion by removing the barriers for the unbanked and underbanked population. FSS’ technology solutions are powering us towards achieving our objective to build a less cash ecosystem by enabling last mile digital payment services,” said Suresh Sethi, MD & CEO India Post Payments Bank.

FSS Payments-in-a-Box enables India Post Payments Bank to digitize every touch point in customers’ financial lives to make payments using a range of channels and instruments.

The India Post Payments Bank is enrolling billers and merchant’s country-wide to create a wide acceptance network where consumers can make payments. Using FSS Omni-channel acquiring solutions the bank is enabling micro-merchants to accept payments over any channel – Online, UPI, QR Codes, Aadhaar and IPPB accounts. At the backend, FSS Merchant Management and Merchant Settlement Solutions streamline all aspects of merchant management including on-boarding fee calculation, reconciliation and settlement.